Of 800 surveyed active LinkedIn members, 327 reported that they are planning to spend at least $1,000 on consumer electronics in the coming year.
a. At the 0.05 level of significance, is there evidence that the percentage of all LinkedIn members who plan to spend at least $1,000 on consumer electronics is greater than 38%? Follow and show the 7 steps for hypothesis testing.
b. Determine the p-value and interpret its meaning.
c. What assumption must you make in order to conduct the test in part a? Demonstrate if the assumption is met.